What is the property tax rate in the area your school is located and how does this value compare with the rest of the state?
What does this question mean?
In the state of Rhode Island where all the schools for the context reports in EDC102 are located, the main source of school funding is drawn from the property taxes. It is vital to know the rate of the property taxes in your school region since it can be tied right to the benefits the school could have or the disadvantages. For example, if a region has very high property taxes, the school will recieve a larger amount of money compared to a region where the taxes are quite low.
Why might this question be useful in a context report?
As stated above, the property taxes are a significant factor in the funding for Rhode Island schools and can be a direct reflection of the amount of money schools recieve from the residents of the area. It can be used for great comparative results with neighboring regions or be used to analyze the racial percentages of high property taxed areas and low property taxed areas since it is affiliated with the cost of living in the area.
Where did you look for answers for this question?
A great site to find this information is a site focused on the values of Rhode Island living:
For Example...
Alright, you opened the link and found a large table with a myriad of information so what does it mean?
First, you want to find your town that your school is located in, I'll use mine as an example:
There is a lot of information provided but you just want to focus on the first four columns: your town, the tax rates (Per $1,000), the percent of the full value, and the year evaluated. So for your town, just focus on these:
Okay, so now that you know where to look, you need to make sense of the information.
Say there was a house values at $500,000 (I just made this up) in Exeter. To find the property tax rate, you need to first look at the percentage in the 3rd column. This determines how much of the total housing value will be taxed. It is 100% for Exeter so the $500,000 will stay as is. Say though, it was 50%, then I would make the $500,000 into $250,000.
Now, the tax rate $11.94 per $1000 which means for every $1,000 of a house value, the owner must pay $11.94.
So first you need to divide whatever home value you choose (You can choose whatever you'd like, but it'd be wise to pick a value that would be sensible for the area by finding the average home value in the area). I chose $500,000 so after I divide that by $1,000 I am left with 500. So then I look at the taxing rate which is $11.94 per every $1,000 of the house value and I multiple that 500 x $11.94 = $5,970 which would be the property tax.
By finding this out, you can determine how expensive it is to live in an area and higher property taxes mean more funding for schools!
EDC 102 Research: Community Property Taxes
What is the question?
What is the property tax rate in the area your school is located and how does this value compare with the rest of the state?What does this question mean?
In the state of Rhode Island where all the schools for the context reports in EDC102 are located, the main source of school funding is drawn from the property taxes. It is vital to know the rate of the property taxes in your school region since it can be tied right to the benefits the school could have or the disadvantages. For example, if a region has very high property taxes, the school will recieve a larger amount of money compared to a region where the taxes are quite low.Why might this question be useful in a context report?
As stated above, the property taxes are a significant factor in the funding for Rhode Island schools and can be a direct reflection of the amount of money schools recieve from the residents of the area. It can be used for great comparative results with neighboring regions or be used to analyze the racial percentages of high property taxed areas and low property taxed areas since it is affiliated with the cost of living in the area.Where did you look for answers for this question?
A great site to find this information is a site focused on the values of Rhode Island living:For Example...
Alright, you opened the link and found a large table with a myriad of information so what does it mean?First, you want to find your town that your school is located in, I'll use mine as an example:
There is a lot of information provided but you just want to focus on the first four columns: your town, the tax rates (Per $1,000), the percent of the full value, and the year evaluated. So for your town, just focus on these:
Okay, so now that you know where to look, you need to make sense of the information.
Say there was a house values at $500,000 (I just made this up) in Exeter. To find the property tax rate, you need to first look at the percentage in the 3rd column. This determines how much of the total housing value will be taxed. It is 100% for Exeter so the $500,000 will stay as is. Say though, it was 50%, then I would make the $500,000 into $250,000.
Now, the tax rate $11.94 per $1000 which means for every $1,000 of a house value, the owner must pay $11.94.
So first you need to divide whatever home value you choose (You can choose whatever you'd like, but it'd be wise to pick a value that would be sensible for the area by finding the average home value in the area). I chose $500,000 so after I divide that by $1,000 I am left with 500. So then I look at the taxing rate which is $11.94 per every $1,000 of the house value and I multiple that 500 x $11.94 = $5,970 which would be the property tax.
By finding this out, you can determine how expensive it is to live in an area and higher property taxes mean more funding for schools!